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Berkshire Hathaway Inc.

Diversified Holding Company / Financial ServicesFounded 1839
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Berkshire Hathaway Acquisitions

7

Major Deals Covered

$128.3B

Disclosed Deal Value

What are Berkshire Hathaway's biggest acquisitions?

Berkshire Hathaway's largest disclosed acquisition here is Burlington Northern Santa Fe Corporation (BNSF) for $44B in 2010. This page covers 7 major deals from 1996 to 2026, each with its price where disclosed and the reason behind it.

Major deals covered
7
Largest deal
Burlington Northern Santa Fe Corporation (BNSF) ($44B)
First deal
1996
Most recent
2026
CompanyYearPricePurpose
GEICO Corporation1996$2.3BBerkshire bought the remaining 49% of GEICO that it did not already own, making the direct-selling auto insurer a wholly owned subsidiary on January 2, 1996. At the time GEICO was the seventh largest auto insurer in the United States with about 3.7 million cars insured, and Buffett had followed the company since visiting its Washington office as a student in 1951.
General Re Corporation1998$22.0BBerkshire acquired General Re in an all-stock deal to add a global property and casualty reinsurance platform and a large investment portfolio, roughly doubling the insurance float available for investment.
McLane Company2003$1.5BWal-Mart decided to sell McLane, a wholesale distributor of groceries and nonfood items to convenience stores, drug stores, wholesale clubs, mass merchandisers, quick service restaurants and theaters. Buffett agreed the purchase after a single two-hour meeting with Wal-Mart's chief financial officer and no due diligence, and the deal closed in May 2003.
Burlington Northern Santa Fe Corporation (BNSF)2010$44.0BBerkshire agreed in November 2009 to pay $100 a share in cash and stock for the 77.4% of BNSF it did not own, a transaction valued at about $44 billion including $10 billion of BNSF debt and the largest in Berkshire's history at the time. Buffett described Berkshire's $34 billion investment in the railroad as an all-in wager on the economic future of the United States.
Precision Castparts Corp.2016$37.2BBerkshire paid $235 a share in cash for Precision Castparts, a maker of investment castings, forgings and fastener systems for aerospace, power generation and industrial customers. The transaction was announced in August 2015 and valued at about $37.2 billion including PCC net debt.
Alleghany Corporation2022$11.6BBerkshire bought insurance and investment holding company Alleghany for $848.02 a share in cash, a total equity value of about $11.6 billion, adding the TransRe reinsurance business and Alleghany's specialty insurance operations. The deal closed on October 19, 2022.
OxyChem (Occidental Chemical Corporation)2026$9.7BBerkshire agreed in 2025 to buy Occidental's chemicals business and completed the purchase on January 2, 2026 for $9.7 billion in cash, subject to post-closing adjustments. Abel wrote that Berkshire first came across the business through its investment in Occidental and valued its integrated asset base and low-cost raw materials.
What companies has Berkshire Hathaway bought?
Major acquisitions by Berkshire Hathaway documented here include Burlington Northern Santa Fe Corporation (BNSF) (2010), Precision Castparts Corp. (2016), General Re Corporation (1998), Alleghany Corporation (2022) and OxyChem (Occidental Chemical Corporation) (2026).
What is Berkshire Hathaway's most recent acquisition?
The most recent Berkshire Hathaway acquisition documented here is OxyChem (Occidental Chemical Corporation), in 2026, for $9.7B.

OxyChem (Occidental Chemical Corporation)

2026

$9.7B

Why

Berkshire agreed in 2025 to buy Occidental's chemicals business and completed the purchase on January 2, 2026 for $9.7 billion in cash, subject to post-closing adjustments. Abel wrote that Berkshire first came across the business through its investment in Occidental and valued its integrated asset base and low-cost raw materials.

Impact

OxyChem is a top three North American producer of polyvinyl chloride, chlor-alkali products and chlorinated organics. It is headquartered in Dallas, runs 21 US plants in ten states plus sites in Canada and Chile, and has about 4,000 employees and contractors.

Outcome

OxyChem is reported inside Berkshire's manufacturing businesses from 2026 and is the largest acquisition of Abel's first year as chief executive.

Source →

Alleghany Corporation

2022

$11.6B

Why

Berkshire bought insurance and investment holding company Alleghany for $848.02 a share in cash, a total equity value of about $11.6 billion, adding the TransRe reinsurance business and Alleghany's specialty insurance operations. The deal closed on October 19, 2022.

Impact

Alleghany expanded Berkshire's reinsurance and specialty underwriting capacity and was its largest acquisition since Precision Castparts in 2016.

Outcome

Alleghany operates as a wholly owned subsidiary within Berkshire's insurance group.

Source →

Precision Castparts Corp.

2016

$37.2B

Why

Berkshire paid $235 a share in cash for Precision Castparts, a maker of investment castings, forgings and fastener systems for aerospace, power generation and industrial customers. The transaction was announced in August 2015 and valued at about $37.2 billion including PCC net debt.

Impact

Buffett wrote in his 2020 letter that he paid too much for the business and that an $11 billion write-down that year was almost entirely the quantification of that 2016 mistake, after aerospace demand collapsed. He said no one had misled him and that he had simply been too optimistic about normalized profits.

Outcome

PCC remains wholly owned and is still a leading supplier in most of its markets, helped by long-standing customer relationships and technical expertise. Demand follows commercial aerospace production rates.

Source →

Burlington Northern Santa Fe Corporation (BNSF)

2010

$44.0B

Why

Berkshire agreed in November 2009 to pay $100 a share in cash and stock for the 77.4% of BNSF it did not own, a transaction valued at about $44 billion including $10 billion of BNSF debt and the largest in Berkshire's history at the time. Buffett described Berkshire's $34 billion investment in the railroad as an all-in wager on the economic future of the United States.

Impact

BNSF became one of Berkshire's largest operating subsidiaries. It runs over 32,500 route miles of track in 28 states and three Canadian provinces, had about 35,000 employees at the end of 2025 and spent about $2.4 billion on repairs and maintenance that year.

Outcome

BNSF is wholly owned and its after-tax earnings rose 8.8% in 2025 on lower operating expenses. Its main western competitor is Union Pacific.

Source →

McLane Company

2003

$1.5B

Why

Wal-Mart decided to sell McLane, a wholesale distributor of groceries and nonfood items to convenience stores, drug stores, wholesale clubs, mass merchandisers, quick service restaurants and theaters. Buffett agreed the purchase after a single two-hour meeting with Wal-Mart's chief financial officer and no due diligence, and the deal closed in May 2003.

Impact

McLane had sales of about $23 billion at the time on pre-tax margins of roughly 1%, so it added far more to Berkshire's revenue than to its earnings. Some retailers that had avoided McLane while it belonged to a competitor became customers after the sale.

Outcome

McLane is still one of Berkshire's largest revenue contributors, had about 24,900 employees at the end of 2025 and now also distributes distilled spirits, wine and beer through Empire Distributors, which serves about 30,800 retail locations.

Source →

General Re Corporation

1998

$22.0B

Why

Berkshire acquired General Re in an all-stock deal to add a global property and casualty reinsurance platform and a large investment portfolio, roughly doubling the insurance float available for investment.

Impact

The deal was difficult early on. General Re recorded an underwriting loss in 1998 that cut Berkshire's per-share operating earnings, and it later had to unwind a derivatives book and strengthen reserves. Underwriting discipline was rebuilt under new management.

Outcome

General Re now operates inside the Berkshire Hathaway Reinsurance Group, writing property, casualty and life and health reinsurance worldwide.

Source →

GEICO Corporation

1996

$2.3B

Why

Berkshire bought the remaining 49% of GEICO that it did not already own, making the direct-selling auto insurer a wholly owned subsidiary on January 2, 1996. At the time GEICO was the seventh largest auto insurer in the United States with about 3.7 million cars insured, and Buffett had followed the company since visiting its Washington office as a student in 1951.

Impact

Full ownership let Berkshire reinvest all of GEICO's underwriting profit and float. GEICO is now the third largest US private passenger auto insurer with about 11.6% of written premiums, and it earned pre-tax underwriting profits of $6.824 billion in 2025 and $7.813 billion in 2024.

Outcome

GEICO remains wholly owned and is reported as one of Berkshire's three underwriting groups alongside Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group. Written premiums rose 5.3% in 2025 on higher policies in force after the rate increases and cost cuts that followed its 2022 underwriting losses.

Source →

Berkshire Hathaway Inc.'s Growth & Acquisition Strategy

Berkshire's size limits what can move its results, so growth comes from large purchases, reinvestment inside existing businesses and buying back its own stock. Buffett described the 2009 BNSF agreement, a $34 billion investment in the railroad, as an all-in wager on the economic future of the United States. The 2025 and 2026 examples are smaller: a $9.7 billion purchase of Occidental's chemicals business, OxyChem, and the family-owned pest-control manufacturer Bell Laboratories. Abel has said Berkshire will buy productive businesses in preference to holding Treasuries, but will not stretch on price, which is why cash and Treasury holdings still exceeded $370 billion at the end of 2025 and no shares were repurchased that year. Berkshire also adds to listed holdings when prices suit it, paying $16.9 billion for equity securities during 2025.

How Berkshire Hathaway Inc. Makes Money

Berkshire's business model is capital allocation on top of a decentralized group of operating companies. Subsidiary managers run their own businesses, with no corporate budget submissions and no committee structure at headquarters, and send surplus cash to Omaha. The chief executive then decides where it goes: into existing operations, new acquisitions such as the $9.7 billion purchase of OxyChem completed in January 2026, marketable equities, or Berkshire stock when it trades below estimated intrinsic value. Insurance is the core. Policyholder money held before claims are paid, which Berkshire calls float, reached $176 billion at the end of 2025, and the group has earned a pre-tax underwriting profit in each of the three years to 2025, so that float has cost less than nothing. Berkshire has not paid a dividend since 1967, which is why retained earnings and float, rather than outside capital, fund almost everything it buys.

Berkshire Hathaway Acquisitions FAQ

When did Berkshire acquire Burlington Northern Santa Fe (BNSF) Railway?

In November 2009, Berkshire announced the acquisition of the remaining 77.4% of BNSF Railway that it did not already own for $26.3 billion in cash and stock ($44 billion enterprise value), marking Berkshire's largest acquisition at the time.

When and for how much did Berkshire Hathaway acquire 100% of GEICO?

Having held an initial stake since 1976, Berkshire acquired the remaining 49% of GEICO that it did not own in January 1996 for $2.3 billion, making the government employees auto insurer a wholly owned subsidiary.

What was Berkshire's $37 billion acquisition of Precision Castparts in 2016?

In January 2016, Berkshire completed the acquisition of aerospace and industrial component manufacturer Precision Castparts Corp. (PCC) for $37.2 billion ($235 per share in cash), marking the largest corporate acquisition in Berkshire Hathaway's history.

When did Berkshire acquire General Re and how did it expand its float?

In December 1998, Berkshire acquired global reinsurance giant General Re Corporation for approximately $22 billion in Berkshire stock, instantly doubling Berkshire's investable insurance float from $7 billion to over $22 billion.

When did Berkshire acquire See's Candies and why is it considered a landmark deal?

In 1972, Blue Chip Stamps/Berkshire acquired See's Candies for $25 million from the See family. The deal demonstrated the power of intangible brand equity and pricing power, generating over $2 billion in cumulative pre-tax profits on minimal reinvested capital.

How did Berkshire complete its full buyout of Pilot Travel Centers (Pilot Flying J)?

Berkshire acquired an initial 38.6% stake in Pilot Travel Centers in 2017 for $2.76 billion, increased it to 80% in 2023 for $8.2 billion, and acquired the remaining 20% from the Haslam family in January 2024 for $2.6 billion, taking 100% ownership of North America's premier travel center chain.

When did Berkshire acquire Alleghany Corporation?

In October 2022, Berkshire acquired property and casualty insurer and investment holding company Alleghany Corporation for $11.6 billion in an all-cash transaction ($848.02 per share), expanding Berkshire's global reinsurance operations through TransRe.

What other major consumer and industrial brands did Berkshire acquire?

Berkshire acquired flight fractional ownership provider NetJets (1998), home builder Clayton Homes (2003), Marmon Group (2008), specialty chemical maker Lubrizol (2011), NV Energy (2013), and Duracell battery brand from Procter & Gamble (2016).

What is Berkshire Hathaway's biggest acquisition?

Berkshire's largest acquisitions include the massive $34 billion buyout of BNSF Railway and the $37 billion purchase of aerospace manufacturer Precision Castparts.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.